Energy Company Electricite de France's Hybrid Bond Rated 'BB-'

Electricité de France S.A. (EDF) will launch its first junior subordinated social hybrid bond of at least €1 billion under its new social bond framework. With this issuance, we understand EDF will further increase its stock of outstanding hybrids to about €12 billion. We are assigning our 'BB-' issue rating to the proposed junior security, which we assess as having intermediate equity content, reflecting its subordination and optional deferability. PARIS (S&P Global Ratings) May 26, 2021--S&P Global Ratings today assigned its 'BB-' long-term issue rating to the proposed perpetual, optionally deferrable, and junior subordinated hybrid capital security to be issued by EDF (BBB+/Stable/A-2). The hybrid amount remains subject to market conditions, but we understand it will be about €1 billion.

...May 26, 2021 - ElectricitT de France S.A. (EDF) will launch its first junior subordinated social hybrid bond of at least 1 billion under its new social bond framework. - With this issuance, we understand EDF will further increase its stock of outstanding hybrids to about 12 billion. - We are assigning our '##-' issue rating to the proposed junior security, which we assess as having intermediate equity content, reflecting its subordination and optional deferability. PARIS (S&P Global Ratings) May 26, 2021--S&P Global Ratings today assigned its '##-' long-term issue rating to the proposed perpetual, optionally deferrable, and junior subordinated hybrid capital security to be issued by EDF (###+/Stable/A-2). The hybrid amount remains subject to market conditions, but we understand it will be about 1 billion. We understand that EDF expects the call option on its 267 million hybrid issued in 2014 will be exercised as per the call date in January 2022, and as a result we no longer assess this...

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